The deceased has been identified as 45-year-old Riaz, while the other victim was identified as 33-year-old Shakeel. The Indian Express reports Shakeel is in a coma at the hospital.
The police have detained four to five suspects in the case and an investigation is underway.
According to the case dossier, two people returning to a village in the Satna district found a group with the cattle late on Thursday.
Riaz and Shakeel’s accomplices fled, but the two were caught and beaten. Riaz was already dead by the time police arrived in the early hours of Friday. Shakeel was in critical condition.
The police found a slaughtered bull and the meat of two other bulls packed in sacks from the scene.
Satna SP Rajesh Hingankar told The Indian Express that local villagers had attacked the two. Four to five suspects have been taken into custody and are being questioned, he added.
The families of Shakeel and Riaz have denied cow slaughter charges, NDTV reports.
In Madhya Pradesh cow slaughter attracts a three-year prison term and a fine of Rs 5,000 if charges are proven. The state amended its laws in 2012 after it was found that the bovine population was rapidly increasing.